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The ECB vetoes the banks' plans for dividend

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Next Previous ECB puts veto on dividend bank plans HOME • INSIDER • CYPRUS • ECB vetoes bank dividend plans

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& nbsp & nbspΘεανώ Θειοπούλου & nbsp; & nbsp; The head of the ECB (SSM), Andrea Enria, puts a brake on the distribution of dividends by banks, turning to a tighter dividend policy, despite the expectations that it could now be returned to shareholders. part of the profits.

On September 21, 2021, the ECB decided to relax the strict measures for the payment of dividends and to return to the evaluation of the banks' planning in relation to their capital. But now the data is different. “We are going to ask the banks to re-evaluate the development of their capital, with a more unfavorable scenario, which will also include the possibility of a cut-off of Russian gas or a recession,” he told the European Parliament's Committee on Economic and Monetary Affairs.

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The SSM “will also use this (scenario) to veto dividend plans”, he added. The current environment was “characterized by increased volatility and lower stock valuations, as markets expect profitability and the quality of banks' assets to be affected by adverse macroeconomic developments.”

“We can not rule out the possibility of more unfavorable growth and inflation scenarios by imposing new or tougher sanctions on energy and commodities and possible retaliation from Russia,” he said.

The fact is that the banks before obtaining a dividend to shareholders will have to obtain approval from the European supervisor. In recent months, the ECB has made it clear that the way can be paved for a dividend, ahead of Russia's invasion of Ukraine, and while macroeconomic forecasts have confirmed the economic recovery in the Eurozone. Now, macroeconomic forecasts have diversified and the possibility of a recession is being reported. It is now expected to become clear what will happen with similar plans of the Cypriot banks. The Managing Director of Bank of Cyprus Panikos Nikolaou had announced in May the payment of a dividend from 2023, after 11 years since the last time a dividend was distributed to shareholders. Hellenic Bank had stated that its shareholders will receive a dividend from 2024, while at the end of 2022 the data that can allow the payment of a dividend in 2023 will be re-evaluated.

The head of SSM referred in his speech for the & nbsp; change in interest rate policy planned by the ECB, anticipating that banks will benefit. “The gradual increase in interest rates is beneficial for the banks as a whole. In the first quarter of 2022, rising yields, combined with continued lending growth, positively supported net interest income levels. In addition, net commission income and transaction results were stable, driving upward net operating income, which outpaced rising costs and led to improved cost-effectiveness. As a result, it turns out, most banks record profits and even the few banks that have large direct exposures in Russia avoided making losses. In addition, continued progress in resolving inherited non-performing loans (NPLs) has helped to improve the resilience of banks.

Source: www.philenews.com

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